Group 1: Consumer Electronics Sector - The CSI Consumer Electronics Theme Index (931494) rose by 1.40% as of June 4, 2025, with notable increases in component stocks such as Lianxu Electronics (601231) up 6.45% and Jingwang Electronics (603228) up 5.04% [1] - The Consumer Electronics ETF (561600) saw a nearly 2% increase during trading, with a latest price of 0.77 yuan, and a cumulative increase of 18.65% over the past year as of June 3, 2025 [1] - The ETF experienced a turnover rate of 3.2% with a transaction volume of 580.71 million yuan, and an average daily transaction volume of 14.98 million yuan over the past year, ranking in the top two among comparable funds [1] - The ETF's scale grew by 3.51 million yuan over the past three months, placing it in the top fifth of comparable funds for new scale [1] - The ETF's share increased by 17 million shares in the past month, also ranking in the top fifth for new shares among comparable funds [1] - The latest fund inflow and outflow for the ETF were balanced, with a total of 14.26 million yuan "absorbed" over the last 20 trading days [1] Group 2: Artificial Intelligence Sector - The CSI Artificial Intelligence Theme Index (930713) increased by 1.32% as of June 4, 2025, with significant gains in stocks like Xinyi Sheng (300502) up 5.66% and Zhongji Xuchuang (300308) up 4.98% [5] - The AI Artificial Intelligence ETF (512930) rose by 1.33%, with a latest price of 1.3 yuan, and a cumulative increase of 0.63% over the past week as of June 3, 2025, ranking in the top third among comparable funds [5] - The ETF had a turnover rate of 2.88% with a transaction volume of 55.47 million yuan, and an average daily transaction volume of 87.99 million yuan over the past year [5] - The latest scale of the AI Artificial Intelligence ETF reached 1.905 billion yuan [5] - Over the last 20 trading days, the ETF saw net inflows on 12 days, totaling 77.08 million yuan, with an average daily net inflow of 3.85 million yuan [6] - The latest margin buying amount for the ETF was 2.06 million yuan, with a margin balance of 84.68 million yuan [6] Group 3: Online Consumption Sector - The CSI Hong Kong-Shenzhen Online Consumption Theme Index (931481) rose by 0.67% as of June 4, 2025, with stocks like NetEase Cloud Music (09899) up 4.43% and Meituan-W (03690) up 4.17% [9] - The Online Consumption ETF (159793) increased by 0.57%, with a latest price of 0.89 yuan, and a cumulative increase of 3.77% over the past six months as of June 3, 2025 [9] Group 4: Index Composition - The top ten weighted stocks in the CSI Artificial Intelligence Theme Index (930713) include companies like Cambricon (688256) and Weir Shares (603501), accounting for 51.56% of the index [11] - The top ten weighted stocks in the CSI Consumer Electronics Theme Index (931494) include companies like SMIC (688981) and Luxshare Precision (002475), making up 53.04% of the index [12] - The top ten weighted stocks in the CSI Hong Kong-Shenzhen Online Consumption Theme Index (931481) include Alibaba-W (09988) and Tencent Holdings (00700), accounting for 56.98% of the index [13]

Investment Rating - The report maintains an investment rating of "Outperform" for the industry [2]. Core Insights - The evolution of eyewear terminals presents significant investment opportunities, particularly in smart interactive glasses, projection glasses, and AR glasses, each with distinct features and market potential [10][5]. - Smart interactive glasses are positioned as AI life assistants, integrating multiple functionalities such as cameras, sunglasses, and Bluetooth headsets, focusing on providing superior audio experiences [10][5]. - The report highlights the importance of ecosystem and model differentiation in smart interactive glasses, as hardware configurations become increasingly standardized [13][5]. - The rise of AI audio glasses is driven by the growing demand for wearable devices and the emergence of generative AI models, suggesting a new market segment for audio experiences [5]. Summary by Sections 1. Investment Opportunities in Eyewear Evolution - Smart interactive glasses are categorized into audio glasses and camera glasses, with the latter being the most mainstream and highest-selling category [10]. - Projection glasses focus on portable screen experiences and entertainment, with advancements in display technology and cost reduction paving the way for future growth [10][5]. - AR glasses, which combine audio and camera functionalities with augmented reality experiences, face challenges in hardware integration and power consumption [10]. 2. Key Features and Upgrades - Smart interactive glasses emphasize social capabilities, allowing users to capture and share content on social media platforms, enhancing their appeal among heavy social media users [17][5]. - The report discusses the fashion aspect of eyewear, noting a shift in consumer behavior towards purchasing frames separately, driven by factors such as self-confidence and personal style [19][5]. - The introduction of limited edition collaborations, such as Ray-Ban Meta x Coperni, aims to position smart glasses in the luxury market, validating the feasibility of high-end smart eyewear [24][5]. 3. Technological Trends - The report identifies silicon carbide and etching technology as key trends in optical development, suggesting a new ecosystem of consumer electronics comprising smartphones, smartwatches, and glasses [4][5]. - The advancements in optical solutions, such as the use of micro LED and waveguide technologies, are expected to enhance the performance and user experience of AR glasses [48][5]. - The report emphasizes the need for high brightness and low weight in AR glasses, highlighting the challenges in achieving these specifications while maintaining a compact form factor [48][5].